Canada
August 20, 2026
Written by Laura Miller
A trade deal between the US and Canada is reportedly pending that could halve Canada’s Section 232 steel tariffs.
Bloomberg reported Wednesday that the tentative trade pact would lower tariffs on some steel and aluminum products from 50% to 25%. A decrease from 25% to 15% would apply to tariffs on automobiles, according to Bloomberg.
The latest tally of active drilling rigs increased in Canada while slightly easing in the US this week, according to oil and gas rig count data published by Baker Hughes.
Algoma Steel Group Inc. expects the first heat from its second electric-arc furnace (EAF) in the coming days, even as it forecasts a quarterly EBITDA loss and a 20% decline in shipments.
Canadian Prime Minister Mark Carney has threatened legal action against Cleveland-Cliffs over the layoffs announced earlier this week at its Stelco mill in Hamilton, Ontario.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
The latest tally of active drilling rigs increased in both the US and Canada this week, according to oil and gas rig count data published by Baker Hughes.